TWG Global on Wednesday denied allegations of fraud involving its insurance operations, stating that investigations into related-party investments at Delaware Life Insurance Co and Clear Spring Life have found no wrongdoing. The company, led by Mark Walter, said a whistleblower claim triggered the probes but that both TWG and Guggenheim had demonstrated compliance with regulatory standards.
Regulatory scrutiny has intensified in recent months, with federal prosecutors, the Securities and Exchange Commission and the Delaware Department of Insurance examining whether private credit assets held by Delaware Life and Clear Spring Life were improperly classified as unaffiliated. In response, Delaware Life agreed on August 18 to swap $6.5 billion of related-party investments for an equivalent amount of independent assets, a move aimed at addressing regulatory concerns. TWG confirmed the asset swap increases leverage and liquidity risk at the holding company level but stated no policyholders have incurred losses.
The company also addressed claims regarding its sports portfolio, explicitly denying that the Los Angeles Dodgers are for sale. Dodgers president Stan Kasten reiterated this position, while TWG clarified that discussions about a potential sale of the Los Angeles Lakers to Josh Kushner and Bob Iger were initiated by Kushner’s team, not as a forced liquidation. The Lakers were valued at $5.0 billion when Walter acquired a stake in 2021, and the proposed sale price of $12.5 billion represents a 25% premium to that valuation.
TWG further stated that Guggenheim’s auditor issued unqualified opinions for 2024 and 2025, though it did not confirm whether these reports have been publicly filed or shared with regulators. The company said it remains committed to cooperating with the U.S. Attorney’s Office for the Southern District of New York, the SEC and the Delaware DOI.
